Plato Income Maximiser (PL8) AGM 2024 summary

Opening remarks and agenda

• Meeting commenced at 11:15 A.M. as a hybrid event, welcoming shareholders, board members, auditors, and guests.

• Chairman Jonathan Trollip opened the meeting and outlined the agenda, including formal business, investment manager update, and Q&A session.

• Agenda included Chair's address, financial statements, Remuneration Report, and re-election of two directors.

• Notice of Meeting was tabled and taken as read; opportunity for shareholder questions scheduled after presentations.

Financial performance review

• Funds under management grew from AUD 326 million at listing in 2017 to AUD 837 million as of October 2024; net assets and shareholder numbers more than doubled.

• Annualized portfolio performance from May 2017 to June 2024 was 9.6% per annum, rising to 10% by October 2024, including franking credits.

• Annualized dividend distributed, including franking credits, was 7.6% per annum since inception.

• Total shareholder return (TSR) from inception to October 2024 was 7.0% per annum; share price increased from AUD 1.10 to AUD 1.22 and traded at a premium to NTA.

• Annual running costs reduced from 0.18% p.a. at IPO to 0.10% p.a.

Dividend announcements

• Monthly fully franked dividends have remained stable at 0.55% per share since April 2022, with two special dividends paid since inception.

• PL8 continues to deliver a high income yield, outperforming the S&P/ASX 200 in realised yield.